Pointing out that India has emerged as the shining star on the global civil aviation firmament over the last decade, Scindia said the Indian market provides huge potential for growth over the decades to come given its very low penetration levels.
“With achieving 300 million passengers per year, India will still be one of the most under-penetrated markets across the top 20 markets in the world. This means that today our penetration is 3-4% and with 300 million it will grow to 10-15% but we still have 85% penetration to go,” he said after inaugurating the Wing India 2024 aviation industry show in the city.
“Today, India is the third largest domestic civil aviation market in the world, the seventh largest international civil aviation market in the world and if you combine both then we are the fifth largest civil aviation market in the world,” he said.
Scindia also said the domestic passenger traffic has been growing at a staggering CAGR of 16.3% over the past 10 years while international passenger traffic has grown around 6%.
Stating that India’s civil aviation market is in the take-off stage, he said the country has emerged as the largest purchaser of aircraft in the world after the US and China. Its aircraft fleet size was 400 in 2014, which has grown to 713 today and set to cross 2,000 by 2035. The number of commercial pilot licences being granted has grown from 1,162 in 2022 to around 1,650 in 2023.